Expert: Throw away your entire investing playbook

Investors should take every strategy that has worked over the past 30 years and forget about it, Savita Subramanian of Bank of America Merrill Lynch said Tuesday.

"We've been in this sort of 30-year stimulus-driven bull market, and I think the next cycle is going to be the opposite," the firm's head of U.S. strategy told CNBC's "Squawk Box."

"If you think about the [Federal Reserve], they're unwinding this massive credit expansion period that they've created over the last 10 years of unprecedented liquidity, so you really want to buy everything that didn't work over the last 30 years," she said.

Last week, the Fed raised interest rates for the first time in almost 10 years, with global financial markets posting a mixed reaction to the monetary policy change.

Chris Rupkey, Bank of Tokyo-Mitsubishi's chief financial economist, said Tuesday the central bank will gradually normalize monetary policy.

"[When Ben] Bernanke left the building, he left us the idea that, when they go, they're going to raise 100 basis points per year; not 200 like [Alan] Greenspan," Rupkey told "Squawk Box." He also said he expects four rate hikes next year.

The Fed's first rate hike last week, along with falling commodity prices and a rising dollar, have made many strategists and analysts pessimistic about 2016.

But Jonathan Mackay, senior market strategist at Morgan Stanley Wealth Management, said Tuesday he thinks next year will be a better one than 2015.

"If you look at global GDP, we went through a very rough time in 2015. I think that's reflected in the S&P 500, that's reflected in the high-yield market, that's reflected in the oil market, and I think we'll get a rebound despite calendar effects next year," he told "Squawk Box."

The Dow Jones industrial average and the S&P 500 down 3.21 percent and 1.83 percent, respectively. The Nasdaq composite on the other hand is up nearly 5 percent.